Skip to content
International Adviser
  • Contact
  • Subscribe
  • Regions
    • United Kingdom
    • Middle East
    • Europe
    • Asia
    • Africa
    • North America
    • Latin America
  • Industry
    • Tax & Regulation
    • Products
    • Life
    • Health & Protection
    • People Moves
    • Companies
    • Offshore Bonds
    • Retirement
    • Technology
    • Platforms
  • Investment
    • Equities
    • Fixed Income
    • Alternatives
    • Multi Asset
    • Property
    • Macro Views
    • Structured Products
    • Emerging Markets
    • Commodities
  • IA 100
  • Best Practice
    • Best Practice Awards
  • Media
    • Video
    • Podcast
  • Directory
  • My IA
    • Events
    • IA Tax Panel
    • IA Intermediary Panel
    • About IA

ANNOUNCEMENT: Read more financial articles on our partner site, click here to read more.

Five things you should know about estate planning in Portugal

By International Adviser, 14 Feb 17

For British expats living in Portugal, or for those with Portuguese assets, the local equivalent of inheritance tax maybe relatively straightforward, says director of Blevins Franks Jason Porter, but succession law is very different. If advisers do not understand the rules, their client’s estate may not be distributed in line with their wishes or could attract more taxation than necessary.

4. Your default position has recently changed
Gallery

12345

4. Your default position has recently changed

Before August 2015, Portuguese law automatically applied the law of your nationality to your estate. For UK expatriates, this meant you did not need to take any action to ensure your estate was distributed as you wished – in line with appropriate UK law – rather than according to Portuguese forced heirship rules.

Now, under the ‘Brussels IV’ EU regulation, the default is that the laws of your resident country apply. So if you are Portuguese resident, your spouse and direct family could be on track to automatically inherit at least half of your estate. 

You still have the freedom to nominate UK law, but you must now state this in your will. Any wills pre-dating mid-2015 are unlikely to take this into account so should be reviewed.

Take care, however, as applying Brussels IV is complex and could present unwelcome tax implications. Make sure you explore all the options available to achieve your objectives.

Tags: Blevins Franks | Estate Planning | IHT | Portugal

Share this article
Follow by Email
Facebook
fb-share-icon
X (Twitter)
Post on X
LinkedIn
Share

Related Stories

  • Wooden home as symbol of property and word inheritance.

    Latest news

    Latest IHT statistics show frozen thresholds are ‘a wealth tax by stealth’

    Insights

    What can the pensions world expect from the UK’s fifth Prime Minister in four years and his new chancellor?

  • Europe

    Video: IA meets Paul Stanfield, CEO of FEIFA

    Europe

    Gibraltar’s new border reality: A defining moment for financial services


NEWSLETTER

Sign Up for International
Adviser Daily Newsletter

subscribe

  • View site map
  • Privacy Policy
  • Terms and Conditions
  • Contact

Published by Money Map Media – part of G&M Media Ltd Copyright (c) 2024.

International Adviser covers the global intermediary market that uses cross-border insurance, investments, banking and pension products on behalf of their high-net-worth clients. No news, articles or content may be reproduced in part or in full without express permission of International Adviser.